Switzerland's private bankers are close to accepting that their traditional business of managing the undeclared wealth of foreigners cannot be sustained in a world of greater financial transparency.
Leading members of the Swiss Private Bankers Association have recognised they may have to raise tax compliance with clients and, if necessary, encourage them to declare previously hidden assets.
The change in attitude has come after international pressure this year forced Switzerland to dilute its almost impenetrable bank secrecy rules following a bruising legal battle in the US against UBS, the world's biggest wealth manager.
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